Allen Housh

Allen Housh was prepared to spend his life as a high school agricultural vocational teacher. It was natural for him to prepare for a career in agriculture. The Garner, Iowa, native had been around the livestock business his entire life, and he went to Iowa State specifically to major in agricultural education.

"I wanted to be able to get a job out of school and thought I would wind up teaching," says Allen, a 1957 Iowa State graduate and current Edina, Minn., resident.

The plan was on track during his senior year. He had interviewed with a couple of schools when he went to a career fair. A position with Cargill intrigued him but it was too late to sign up for a campus interview.

But Allen's career path was significantly altered when a college friend gave up his interview slot.

"After that interview with Cargill, I was invited up to Minneapolis, and the rest, as they say, is history," Allen says. "I spent 36 years with Cargill, so I guess it really worked out well."

Allen's career at Cargill took him from Fort Dodge to Des Moines, Memphis, and finally Minneapolis where he retired as a corporate vice president for transportation. There he was directly responsible for Cargill's barge business.

Prior to moving into the transportation department, Allen was a commodity trader for Cargill where he traded soybeans, oil seeds, and sunflower seeds. It was a long way from a high school classroom, but it was a career in which Allen thrived.

"I enjoyed trading," he says. "It really gets under your skin."

When it came time for Allen to establish a scholarship at Iowa State, he knew exactly the area he wanted to support. Allen and his wife, Jean, have created the Housh Scholarship for Agricultural Education and Studies.

"I wanted to continue the relationship I had already established at Iowa State in agricultural education," he explains. "I had done really well in this area while I was a student, and I thought it was important to follow up by establishing a scholarship in that discipline.

"Agricultural education gave me a good foundation for my career, and hopefully this scholarship will help Iowa State students in their career paths."

The Housh Scholarship was established through an initial gift and has been awarded to students majoring in agricultural education since 2004. The couple has also ensured that the scholarship will continue in perpetuity, thanks to a deferred gift of IRA assets.

"The most logical thing we could do with the IRA was to give it away rather than have our estate pay taxes on it," Allen says.

"I guess philanthropy is in my blood," he adds. "My dad was very civic-minded and my mom was also philanthropic. It felt really good to be able to do this for today's and future students of Iowa State."

The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes include federal taxes only. State income/estate taxes or state law may impact your results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.

“I thought about what meant the most to me – outside of my family – and it was obvious that I would give to Iowa State. So I called the office of gift planning and they helped me plan the best course of action.”

A charitable bequest is one or two sentences in your will or living trust that leave to Iowa State University a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Iowa State University, a nonprofit corporation currently located at Ames, Iowa, or its successor thereto, ______________* [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Iowa State or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Iowa State as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Iowa State as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Iowa State where you agree to make a gift to Iowa State and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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